In a significant move to enhance cross-border financial transactions, the Reserve Bank of India (RBI) has granted cross-border payment licenses to fintech firms BillDesk, Amazon Pay India, and Adyen. This development enables these companies to operate as cross-border payment aggregators, further expanding their reach and service capabilities.
BillDesk received its license for both exports and imports on July 29, while Amazon Pay India and Adyen were granted licenses for imports only on July 25. This strategic approval allows these fintech firms to offer comprehensive payment services for users engaged in international trade, facilitating smoother transactions for both imports and exports.
The trio now joins a growing list of companies, including Cashfree Payments, which secured its license earlier this month. This trend underscores the RBI’s proactive stance in approving aggregator licenses, reflecting a broader initiative to streamline and enhance the financial ecosystem for cross-border transactions.
“The granting of these licenses is a testament to the RBI’s commitment to fostering innovation and efficiency in the financial sector,” said an industry expert. “It opens up new avenues for businesses and consumers, making international trade more accessible and efficient.”
In addition to BillDesk, Amazon Pay India, and Adyen, the RBI has reportedly approved payment aggregator licenses for over 20 fintech startups, including Groww, Juspay, Decentro, CRED, and others. This wave of approvals aligns with the central bank’s directive for fintech firms to secure PA licenses for handling cross-border transactions of goods and services.
To qualify for the PA license, fintech firms must register under the Financial Intelligence Unit-India (FIU–IND) and maintain a minimum net worth of Rs 15 crore, which will be increased to Rs 25 crore post-March 2026. Failure to meet this financial requirement will result in the discontinuation of services by July 31, as mandated by the RBI.
The approval of cross-border payment licenses marks a pivotal moment for the fintech industry in India, promising enhanced capabilities and a more robust framework for international trade. As these firms begin to leverage their new licenses, the impact on the financial landscape is expected to be substantial, fostering greater global integration and economic growth.